Turn-Key Restaurant and
For Sale
Contact for pricing
101 W Saint Joseph Street, Lawrence, MI 49064
Fully equipped bar and restaurant for sale with liquor license and parking for about 25 vehicles.
Property Size5,952 SF
Price / SF$83.99
Days on Market63
Property Features for 101 W Saint Joseph Street
General Information
Standard status
Active
Size
5,952 SF
Total Parking Spaces
25
Property subtype
Business for Sale, Retail
Additional Details
Business Included
Yes
Liquor License
Yes
Building Details
Year Built
1890
Listing Agency:
RE/MAX Advantage
Listed By:
Shelly Pattison · License #MI6501250397
Source:
Crexi
Added: Jun 6
Changed: Jul 10
Last Checked: Aug 5 at 3:55AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Advantage
Investment Insights
Based on property information with market context.
This turn-key restaurant and bar is being offered as a fully operational business. The sale includes the liquor license, bar and kitchen equipment, inventory, and furnishings, allowing the next operator to continue operations. The property has been updated with a new furnace and central air systems, updated electrical and plumbing, new windows, and an upgraded sound system. Front-of-house improvements include a custom-built bar top and a modern touch-screen POS ordering system. The kitchen has also been enhanced with updated, quality commercial equipment to support daily food preparation and service.
Located at 101 W Saint Joseph Street in downtown Lawrence, the setup includes convenient parking both on the street and behind the building, accommodating approximately 25 vehicles.
This offering is well suited for an operator looking to step into a hospitality concept with the required operating components already in place. Notably, the purchase includes the only Class C liquor license in town, which can be a key differentiator for businesses serving alcohol alongside food service.
Located at 101 W Saint Joseph Street in downtown Lawrence, the setup includes convenient parking both on the street and behind the building, accommodating approximately 25 vehicles.
This offering is well suited for an operator looking to step into a hospitality concept with the required operating components already in place. Notably, the purchase includes the only Class C liquor license in town, which can be a key differentiator for businesses serving alcohol alongside food service.
Key Highlights
- 1890‑built bar & restaurant offered as a fully equipped, operational business for sale in downtown Lawrence
- Sale includes the liquor license plus bar and kitchen equipment, inventory, and furnishings needed to continue operations
- Major updates include new furnace and central air, updated electrical and plumbing, and new windows
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$30,742
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.15%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$614,840
$614.8K
Cap Rate 7%
$439,171
$439.2K
Cap Rate 9%
$341,578
$341.6K
Market Conditions
NOI Build-Up for 5,952 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$45.0K $7.56/SF
− Vacancy
−$1.1K −$0.18/SF
EGI
$43.9K $7.38/SF
− OpEx
−$13.2K −$2.21/SF
NOI
$30.7K $5.16/SF
Area
Van Buren County, MI
Vacancy
2.40%
Lease Rate
$7.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$614,840
Cap Rate 7%
$439,171
Cap Rate 9%
$341,578
Alternative Uses
Best Use
Specialty Retail
$983.5K
$860.6K – $1.15M
NOI $68,846 @ 7.0% cap · market cap 13.77%
Second Best
Industrial
$439.2K
$384.3K – $512.4K
NOI $30,742 @ 7.0% cap · market cap 6.15%
Theoretical Best
Multifamily LT 5
$73.60M
$64.40M – $85.86M
NOI $5,151,682 @ 7.0% cap · market cap 1,030.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
113
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49064, MI
3,854
Population
1,746
Households
2.2
Avg Household Size
41
Median Age
20%
College-Educated
80%
High-School Grad
48.1 sq mi
ZIP Area
80
Density / Sq Mi
$61,863
Median Household Income
$38,115
Median Earnings
$756
Median Rent
$163,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Fully equipped bar and restaurant for sale with liquor license and parking for about 25 vehicles.
Where is this bar & pub located?
The property is located at 101 W Saint Joseph Street Lawrence, MI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 1890‑built bar & restaurant offered as a fully equipped, operational business for sale in downtown Lawrence; Sale includes the liquor license plus bar and kitchen equipment, inventory, and furnishings needed to continue operations; Major updates include new furnace and central air, updated electrical and plumbing, and new windows
